Kathmandu – Since the start of Israel’s military offensive on October 7, 2023, the situation in Gaza has worsened, leading to the collapse of its banking system.
The crisis has left residents paying hefty fees to unofficial money dealers just to access cash.
The Gaza Strip has been under a strict blockade since the offensive began, creating severe cash shortages that make it nearly impossible to purchase essential goods.
With formal banking services shut down, people are forced to rely on unlicensed currency exchangers, often at extremely high costs, to receive their salaries.
A mid-June United Nations report revealed that more than 95 percent of households in Gaza are facing serious financial difficulties.
The severe cash shortage has made buying food nearly impossible, and even those who manage to get cash face problems, as many vendors refuse to accept damaged or worn-out banknotes.